LIC ONLINE TERM PLAN - LAUNCHED Finally

#2
This is great to know. Pushed my LIC purchase by a year since I was waiting on this one.

Thanks for the input and I will share my feedback on this soon!
 
#3
converting existing term insurance into online

Hi,

It looks like LIC's online term insurance is almost 20% cheaper than getting it through an agent. I already have a term insurance, would it be possible to convert it into online term insurance? (So that, I can save 20% of my premium).

Thanks in advance.

Regards,
Sreedharan
 

Alchemist

Administrator
Staff member
#4
Hi,

It looks like LIC's online term insurance is almost 20% cheaper than getting it through an agent. I already have a term insurance, would it be possible to convert it into online term insurance? (So that, I can save 20% of my premium).

Thanks in advance.

Regards,
Sreedharan
Sorry, I have no idea about this, but if it's term insurance, can't you just start a new policy and let the older one lapse?
 
#5
That's true. Also, depending on how long ago you took your current policy, the premium of a new policy (even if taken online) may be more than what you are paying today, since you get older every year :). so my suggestion would be to find out the premium of the new policy first before discontinuing the older policy.
 
#6
I checked the new online term insurance premium amount. I realized that they premium amount is almost the same as mentioned by jatanr, that's why wanted to know if the existing one can be converted. I will contact LIC team and get back.
 
#7
Just curious: Why do you want to convert an existing one to online? I mean what benefit will it give you?

If you want to pay premium online, you can do that for offline policy also on the LIC website.
 
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